
Who We Are
Splitstone is a London-based private equity firm committed to unlocking the potential of non-core divisions through corporate carveout acquisitions.
With £100 million of capital available to invest, we specialise in acquiring UK and Ireland-headquartered opportunities in the industrial and business services sectors.
Our team has a history of delivering creative solutions to ensure a smooth ownership transaction for all stakeholders, no matter what the complexity, needs or challenges of our partners.
Our strategic partnership with the Omni Group of Companies, a London-based multi-asset manager with over 20 years’ experience, provides us with the committed capital and resources required to deliver complex transactions.
Our Focus
We seek out divisions that are no longer strategically essential to their parent companies. The reasons for divestiture may include lower margins, scalability issues, high labour or capital intensity, or the need for an operational or ESG transition.
Splitstone provides a professional and experienced counterparty for corporates looking to dispose of these divisions. We’re committed to making the transaction process as seamless as possible, and ensuring a new ownership structure where these businesses can become a priority and thrive.
Our Team

Peter Foxwood
Managing Partner
Peter Foxwood* has been working in private equity since 2008, with a focus on carve-outs and special situations. Over the years, he has successfully led more than 20 transactions as a principal investor, including 13 corporate carve-outs. These deals have ranged from smaller businesses to those with up to £60 million in EBITDA and sales of £10 million to £800 million.
Before moving into investing, Peter spent time advising mid-market private equity firms and corporates on commercial due diligence and strategy at PwC. He holds a BSc (Hons) in Management Sciences from Warwick Business School.
Outside of work, Peter enjoys spending time with his wife and 5-year-old twin daughters, who are his fiercest negotiation partners—especially when it comes to bedtime and dessert! A keen foodie, Peter loves to travel in search of great food and at home tries to squeeze in learning golf and tennis, or some time on the slopes snowboarding.
*Note: Peter changed his surname in 2025 from Wood. Read more here

Steven Clark
Partner & Chairman
Steven is Partner and Chairman of Splitstone Capital. Active in the financial services industry for nearly 40 years, Steven founded the Omni group, the London-based multi-asset manager, in 2004. Steven has 20 years of experience founding and supporting growing businesses, contributing a valuable entrepreneurial lens and strategic insights to the Splitstone team.

Marcus Shadbolt, FCA
Investment Partner
Marcus is a financial services entrepreneur with over 30 years of investment and advisory experience.
Until the end of 2023, Marcus was CEO of Vermilion Partners, a China-focused M&A advisory firm which he co-founded in 2004 and led through its sale to Natixis SA (Groupe BPCE) in 2018. Over his tenure at Vermilion, Marcus became the trusted advisor to multinational corporations, entrepreneurs, state-owned and private Chinese conglomerates and financial sponsors. He remains active in China, continuing to support Vermilion and longstanding clients.
Prior to Vermilion, Marcus was a Director at Botts & Company, a European mid-market private equity firm, where he also established and managed the firm’s Munich office. He began his career in the Financial Services Division of Coopers & Lybrand (now PwC).
Marcus has advised or acted as principal on more than 90 transactions with an aggregate value exceeding US$10 billion, spanning the full spectrum of transaction types from small venture investments and fundraisings to strategic reviews for major multinationals, carve-outs, restructurings, take-privates, joint-ventures, disposals, acquisitions and dispute resolution / litigation support. He is a CEDR Accredited Mediator and concurrently holds a role with Ancora Finance Group, a European technology-focused growth investor.
Outside of work, Marcus enjoys skiing, sailing and cheese.

Keelin O’Sullivan
Investment Manager
Keelin O’Sullivan has been working in private equity since 2016, most recently as an Investment Manager at Vespa Capital the lower mid-market growth buyout investor where she was a key deal member on three successful transactions and sat on the board of two portfolio companies. Prior to Vespa, she was a Senior Investment Analyst at the Irish Strategic Investment Fund (ISIF), a €9bn sovereign development fund, where she worked on private equity and impact-focused mandates. Keelin began her career at PwC Dublin in Transaction Services, working on buy- and sell-side due diligence for private equity and corporate clients. She holds a first-class honours degree in Law & Business from Trinity College Dublin, is a Chartered Accountant (ACA), and spent time studying at Universidad Carlos III de Madrid. Outside of work, Keelin enjoys running both around London and on trails, travelling (39 countries and counting!), discovering London’s best gigs and restaurants, and spending time with friends and family.

Gavin Duke
Portfolio Director
Gavin is a portfolio value creation specialist with more than 20 years of experience working with private equity-backed businesses across the UK, Europe, India and China.
Prior to joining Splitstone Capital, Gavin was at a carve-out PE house, where he delivered transformation, integration and exit programmes across healthcare, chemicals, industrials, recycling, FMCG and business services. His work spans large-scale carve-outs, complex divestments, operational turnarounds and exit readiness programmes.
Gavin has led some of the most operationally complex value creation initiatives in the European mid-market, including multiple EBITDA improvement programmes through lean operations, supply chain optimisation, organisational redesign and commercial improvement.
Earlier in his career, Gavin was an Investment Manager at Aloe Private Equity, an environmental and socially sustainable investor, where he led investments and exits in the UK, India and China, including acting COO roles within portfolio companies. He began his career as a chemical engineer at Tate & Lyle and Air Products.
Gavin holds an MBA from Imperial College Business School and an MEng in Chemical Engineering from University of Manchester. He is also a published author on sustainable finance and ESG investing.
Outside of work, Gavin enjoys hiking and swimming – relaxing activities where there is no phone signal or wi-fi.

Nick Burnett
Operating Advisor
Nick Burnett brings over 20 years of experience in leadership roles across management consulting, manufacturing, and retail. After more than a decade as a corporate carveout operational consultant at PwC, he’s perfectly positioned to help Splitstone with both pre- and post-acquisition value creation.
Outside the office, you’ll find Nick focusing on health, longevity, and spending time with his young kids.

Marlo Smal
Finance and Operations Director
What We Do
Examples of prior transactions
Carveout of multinational industrial manufacturing from UK plc
Challenges/complexities:
- Major operational disruption from automation investment gone wrong
- Financial performance declines
- Exposure to market cyclicality
- Storied corporate history but sellers desire for a “clean break”
Outcome:
- Clean exit for the seller
- Returned to significant growth and profitability
- Investment in capital, people and systems
- Carve-out successfully achieved

Carveout of UK services business from UK plc
Challenges/complexities:
- High dependence on the seller for business
- Synthetic financial profile
- Mixed historical financial performance
Outcome:
- Transaction solution for the seller
- Performance and profitability materially improved
- Add-on acquisitions to reduce dependence on seller

Carve-out of global manufacturing player from UK plc
Challenges/complexities:
- Limited historical growth evidence
- ESG concerns around the sector & transition needed
- Evidence of historic under-management
Outcome:
- Business reinvigorated
- Several new growth streams
- Profitability significantly improved


Why Splitstone?
Our team is fully versed in the intricacies and complexity of carveouts, having successfully navigated and completed over a dozen in the past 15 years. This, combined with broad sector expertise, means we can offer transaction confidence to all stakeholders.
We pride ourselves on our ability to craft bespoke transaction solutions that address the specific needs of each carveout situation. Our creative approach ensures that we can manage even the most complex scenarios, delivering value for both the corporate vendor and the acquired business. Often there are various commercial and operational links which require pre-deal consideration and a partnership approach to resolve.
We know how important it is to minimise disruption and ensure a smooth transition, and our process is designed to do just that. Our network of seasoned advisers and team of experienced professionals manage every aspect of the transaction with precision and care. Our investment decision making process is transparent and efficient, with Splitstone’s deal principles empowered to approve transactions, and no external investment committee members to consult.
Our Approach
News & Updates
Keep up with the latest news and developments from Splitstone









